Financial Brands – whatever the sector they’re operating in – benefit enormously from being perceived as having a constancy and reliability. That’s why Irish financial technology firm, Rockall, named itself after the famous Rock off the north west coast of Ireland.
Rockall the Islet has been there more or less forever and stays fixed as the ocean boils and ebbs around it.
The company has over 20 years experience marketing its products into the financial services sector. In 2014 it relocated its European HQs to Dun Laoghaire.
It markets collateral management products called COLLATE and STOC.
Rockall like other financial software products are selling into a banking industry that’s under unprecedented stress. Regulatory compliance is becoming more complex and regulators are becoming more demanding.
Compounded with this lending relationships are becoming more complex than ever but the data providing visibility on these networks is fragmented and distributed across legacy banking platforms. Rockall’s solution is a platform that consolidates collateral data, offering an engine that drives the simplification of collateral management and tighter regulatory compliance.
The value proposition is to offer clients in the banking and finance industry a platform that’s a single collection point for collateral data; the Rockall product enables the client to handle the complexity of their loans and assets, manage them to derive maximum value, boost risk weighted credit (RWA) and ensure regulatory compliance across all jurisdictions.
Rockall’s COLLATE platform was released in July last year. The product supports each phase of the loan life-cycle and it’s designed for configurability and scalability being used at regional and global level by Rockall’s banking clients.
It aims to offer performance improvements in 3 main areas: collateral insight, loan book and Risk Weighted Assets.
COLLATE can offer users real-time analytics and a system of alerts that could number in the hundreds to keep collateral management teams better informed about their collateral and greater insight into its complexity.
The ultimate aim for all concerned is to boost loan profitability but management of risk so the bank is in control at all times. This management of risk and greater insight into all collateral held, optimising capital ratios and minimising capital requirements.
Rockall’s STOC platform is a product designed for clients who are managing high levels of wealth and private banks. One of Rockall’s clients – Wells Fargo – used STOC to manage risk policies for a range of different assets, lines of business and loan products.
They also used STOC to support them in cross-collateralization, which is something that’s particularly complex. And it proved useful to Wells Fargo in designing risk mitigation strategies. STOC also provided the client with a workflow engine and a calculation engine, enabling their client to calculate crucial metrics like collateral margin.
STOC has also won clients among Trade banks working in global finance; these are banks who needed a platform like STOC to manage their commodity finance and syndicated lending. They used STOC in their Structured Trade and Commodities Finance (STCF) lines of business to manage all relevant collateral and risk exposure.
STOC offers greater automation for managing credit risk, which includes tracking the use of credit facilities extended to clients, limits on credit, and minimising exposure and credit risks.
Marketing a product that offers simplification, control and automation in an industry that’s transitioning from complicated to impossibly complicated is a smart bet.